INR1,50,00,000 (I.5Crs) Cash Robbery – Wakeup call for Less-Cash Society

          The recent daylight robbery of INR1.5crs in Delhi busy streets has drawn the spot light for our country’s penchant for cash.

          The cash was for replenishment of cash in various ATMs along the delivery route.

          At the time of writing this article the Police have not got any clues relating to the suspects.

          There are no regulatory guidelines advising Cash Handling companies on their daily activities. At best, the Cash-in-Transit insurance policy may contain clauses on cash handling.

          It is also not clear as to whether the guard is insured for his life.

          As per Cash Logistics Association of India (CLAI), on an average daily INR15,000/- Crores cash is moved daily across the nation.

          Yes, the daily average figure is INR15,000 crores.

In September 2014, Indian Banks Association recently has released a report on norms for ‘cash replenishment agencies (CRA)’

The 14-member working group was set up by Indian Banks’ Association (IBA) in October 2013, at the behest of the Reserve Bank of India (RBI). The group has suggested far tougher norms for cash replenishment agencies (CRA). There is a long way to go before these norms become mandatory. The rumblings in the industry have already started.

It is time as a nation to adopt Less-Cash methods to reduce the risks associated with cash handling. Less-Cash methods also would lead to greater efficiencies in the economy.